I had to do some corrections on shots of buildings, nothing too drastic, mostly distortion correction and some slight verticals adjustment (Canon 16-35 L lens on a 5D2). I normally use PT Lens (incredible value IMO) but tried the new lens corrections filter in CS5. It's early days but I wasn't at all impressed. It just didn't correct the distortion accurately and side-by-side comparisons with PT Lens corrected versions were way out. CS5 doesn't have a 16-35 Canon lens profile built in but it found the profile from the net almost instantly, so I don't think it was using the wrong info. I also found it strange that having found the correct profile it didn't retain it for the very next shot - but maybe I didn't find the button that tells it to.
I experimented with all the relevant settings but couldn't get a result to match the PT Lens versions. I imagine it's the profile that's to blame, rather than the basic log's, so as soon as I have time I'll try some other lenses. Just wondered if anyone else had a similar result? (This is not a rant at PS by the way - just looking for other views.)
Brief afterthought: maybe the answer is to build our own profiles with the new tool that Adobe very generously offer free.